The developers of the STEPN project have previously reported that they have begun mass layoffs of their employees due to lack of funding, as well as the transition to work with the parent company Find Satoshi Lab.
After this statement, the GMT project token fell in price by 11% overnight. Now, the price is $0.56. The company plans to lay off about 100 people, and also reduce investment in move-to-earn and contributions to the development of the project. Instead, the team plans to develop an NFT exchange platform.
STEPN - a mobile fitness app that was launched on March 2, 2022. Participants received cryptocurrency for the distance traveled during the day. To do this, it was necessary to first buy NFT sneakers. The project quickly gained popularity at the beginning of its existence. During the spring, STEPN collected a profit of $122.5 million. On April 28, the price of the token marked an all-time high and amounted to $4.1.
With the beginning of autumn, activity on the project began to decline and the value of the coin fell by 86%. The market capitalization of the coin is $340 million.
